Episode 64: PFGBest Peregrine Financial, Russell Wasendorf Sr and Gary Gensler

by robbooker on July 18, 2012

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In this fiery episode of The Traders Podcast, your host, Rob Booker, “solo-casts” about PFGBest’s Peregrine Financial Group Inc. and its founder, Russell Wasendorf Sr., who was found to have absconded with $215 million, over a 20+ period of time, which somehow flew beneath the radar of the National Futures Association (the NFA) and the U.S. Commodity Futures Trading Commission (the CFTC).

PRODUCER’S NOTE: The Traders Podcast contacted the National Futures Association for comment, and it has declined to respond altogether.

Rob also describes how an honest person might be tempted to become a dishonest person — and he illustrates this description with an analogy about a baseball player trying to aspire to the big leagues.

Also, Rob publicly calls out Gary Gensler, the CFTC chairman, asks him to step down and suggests that a class action lawsuit brought against him. Tune in to hear why! All of this and more, so buckle up!

THE EDGE TRADING VIDEO SERIES — a series of videos by Rob Booker and his co-host on TFL TV, the Commander Rob Wilson. This series includes 10 hours of video instruction about Edge trading — a way to plan trades with bigger profit targets and smaller stop-losses.

Questions for listeners: Please leave your answers in the comments below.

1. What are your thoughts on the matters discussed during this episode?

2. Can you think of one financial firm executive that you would trust with your wallet?

3. What are you usually doing while listening to The Traders Podcast?

Thanks again for listening.

{ 7 comments… read them below or add one }

yvan July 18, 2012 at 12:49 pm

Loved it as usual! You’re an inspiration Rob! Cheers

Reply

robbooker July 18, 2012 at 1:16 pm

Yvan,

Thank you for listening!

Rob

Reply

Theresa Timmons July 18, 2012 at 11:08 pm

Hi Rob…not sure who I would trust with my money but after being with you and Wilson and Jennifer for a month and “re-learning” how to trade, I trust you guys with my education! You all are awesome and I can’t wait to get the edge series. I am also new to the podcasts so I am constantly laughing and pausing them to take notes. Thanks for all that you do, and I should get “adventures of a currency trader” tomorrow, my weekend beach read!

Reply

robbooker July 19, 2012 at 1:00 am

Theresa,

It’s a comment like this that makes me want to continue doing the podcast. I am happy to hear from you. I hope you enjoy Adventures – I put a lot into that book but, as you know, I wish I could go back and change so much about it. Anyway.

Looking forward to seeing you in person someday along the way!

Rob

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John July 19, 2012 at 6:04 am

Great podcast as usual. They they are one of the highlights of my day. I would ask why do we need any GOV regulation at all? Why does the GOV just get out of the game because the free market is far better at regulating business. People keep looking to the GOV to save them and they cannot do it. Why does the financial industry not have like a Under Writers Laboratory or Consumer Reports (if they do there not doing a very good job) that all these brokers and banks and the like would go to and open there books up to them and get there seal of approval. I would think you would be far more open to calling a independent company to come and inspect you and get there seal of approval that you could put on all your products instead of some guy busting you on your twitter acct name to justify his job. When you buy an electrical product that has that UL stamp on it you can be pretty sure that was not what caused the fire that burned your house down. If there was a 500mil a year company who’s product was truth and honesty then the guy stealing 250mil would not have enough to pay them off.
Thanks again also like to say that your book Adventures of a Currency Trader is what started me on my own adventure as a currency trader. You do a great job educating

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Bruce July 27, 2012 at 8:05 pm

Wow Rob… I wish you would quit holding back and tell us the way you really feel! Well said.

Reply

Joe Bracco August 20, 2012 at 12:11 am

Outstanding! Thank you for having the guts to speak the truth!

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